Keywords Studios - Firing on all cylinders
Keywords’ trading update highlighted a stronger than anticipated first half, with expected H1 revenue growth of c 39% to €153.1m and adjusted PBT growth of c 15% to €18.4m, and growth seen across all seven service lines. Investment accelerated in H1 to manage the high level of demand, which means margins should benefit from this extra investment in H2. The group also agreed terms for a new RCF to replace the existing €105m facility. With strong underlying demand, the potential for margin leverage and an increased M&A capacity, Keywords looks set for a strong H2. Our forecasts are essentially unchanged for now, but we will review them later in the year.Keywords Studios is a technical services provider to the video games industry. Co.'s segments include: Localization Services, which relate to translation and cultural adaptation of in-game text and audio scripts; Localization Testing, which includes testing of linguistic correctness and cultural acceptability of computer games; Audio/Voiceover Services, which relate to audio production process for computer games; Functional Testing, which relates to quality assurance services provided to game producers; Art Creation Services, which relate to the production of graphical art assets for inclusion in the video game; and Customer Support, which relates to the live operations support services.
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